【券商聚焦】华源证券维持康哲药业(00867)“买入”评级指公司后续创新增长潜力较为可观

金吾财讯

Feb 04

金吾财讯 | 华源证券发研报指，1月30日康哲药业(00867)旗下德镁医药有限公司发布公告宣布，已于2026年1月30日获得中国国家药品监督管理局(NMPA)批准磷酸芦可替尼乳膏(白癜风适应症)新药上市许可申请。此产品用于治疗12岁及以上儿童和成人患者伴面部受累的非节段型白癜风，是中国批准的首款且唯一用于白癜风治疗的靶向药，满足较大未被满足的临床需求。芦可替尼乳膏的特应性皮炎适应症未来可期。康哲药业在国内开展的磷酸芦可替尼乳膏治疗轻中度特应性皮炎患者的III期临床试验，已取得阳性结果。目前，公司正在中国积极推进磷酸芦可替尼乳膏治疗特应性皮炎的新药上市申请，如若获批上市，将为中国广大特应性皮炎患者群体提供新的治疗选择。该机构预计2025-2027年康哲药业的营业总收入为81.66/96.28/120.69亿元，增速分别为9.3%/17.9%/25.4%，归母净利润为16.81/19.42/23.33亿元，增速分别为3.8%/15.6%/20.1%(暂以德镁医药业绩部分未拆合计)。预计康哲药业26年合理市值为：17亿元*13倍PE(康哲存量)+100亿元*2倍PS(康哲增量)+100亿元*2倍PS(德镁增量)共计621亿元，以港币汇率1.09计算，总计估值677亿港币。综合评估康哲药业/德镁医药管线，后续创新增长潜力较为可观，维持“买入”评级。

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